The U.S. Senate unanimously passed the "No Tax on Tips Act" on May 20, 2025, delivering a significant legislative victory for President Donald Trump’s economic agenda.
A recent analysis by Congress’ Joint Committee on Taxation indicates that President Donald Trump's proposed tax plan offers more substantial percentage reductions in tax bills for lower-income Americans compared to high earners.
On May 12, 2025, House Republicans introduced a 389-page tax bill, dubbed the "One Big, Beautiful Bill," aligning with President Donald Trump's campaign promises.
President Donald Trump has named former Missouri Congressman Billy Long to lead the Internal Revenue Service following the resignation of acting director Melanie Krause. Krause stepped down as the administration moved to align the IRS with Homeland Security to help identify illegal immigrants using tax data. Long, a colorful figure with a background in real estate and auctioneering, is seen by supporters as a bold, unconventional choice.
Illinois House Republicans are calling out Democrat-led state leadership for failing to act on legislation aimed at reducing what is now considered the highest overall tax burden in the United States. Despite a package of GOP-sponsored tax relief bills introduced this session, none have gained traction in the General Assembly.
Dozens of major corporations have warned Washington State’s Democrat-led legislature and Governor Bob Ferguson that proposed tax increases threaten the state’s economic future. The letter—signed by executives from Amazon, Microsoft, Costco, Alaska Airlines, Nordstrom, Zillow, and even the Seattle Mariners—blasts the state's unprecedented spending and tax agenda.
Mississippi has abolished its state income tax, joining Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.
Seattle’s payroll expense tax on large businesses generated $47 million less than projected last year, with Mayor Bruce Harrell suggesting major corporations are not contributing their fair share. The Office of Economic and Revenue Forecasts released its year-end revenue report on Tuesday, showing actual revenues of $360 million, falling short of the October projection of $406.8 million.
